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Interest u/s 234C is to be levied on Assessed or Returned income whichever is less
Case Law Details
- Case Name
- Abhishekh Cotspin Mills Ltd. Vs ACIT (ITAT Pune)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2006-07
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Brief of the Case: In the case of Abhishek Cotspin Mills Ltd. v ACIT it is held by ITAT Pune that whenever the Assessee declares the returned income which is higher than the actual Asseessed Income, then interest would be charged under section 234C on the assessed Income and In case assessed income is higher than returned Income Than such Interest will be charged on returned Income.
Facts of the Case: The assessee filed its return of income of Rs.14,93,01,700. The AO completed the assessment on a total income of Rs.15,03,07,250/-, which was reduced to Rs.11,32,07,271. Accordingly, the ta...
